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The American Dream/ Farmer’s Nightmare

The American Dream/ Farmer’s Nightmare. American businessmen are “Captains of Industry” who’ve risen through the ranks as a result of hard work and innovation. They, like all business people, have risked failure in order to be successful.

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The American Dream/ Farmer’s Nightmare

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  1. The American Dream/ Farmer’s Nightmare

  2. American businessmen are “Captains of Industry” who’ve risen through the ranks as a result of hard work and innovation. • They, like all business people, have risked failure in order to be successful. • For those who’ve succeeded, the benefit is theirs alone. There should be no punishment for success.

  3. American businessmen use their business strength to: • Buy up competing businesses, so they can raise prices (monopolies) • Use their relative scale to influence others in the market (railroads) • Extend credit to customers – thereby making money both in selling the good, but also in collecting interest • Influence the American government to pass laws favorable to their interests. Or stay out when it’s not. (Laissez-faire)

  4. Populist Party Platform: • Convert to Bi-metallic currency standard • Nationalize Railroads • Progressive Income Tax • 8-hour work day

  5. Convert to Bi-Metallic Standard • Total currency limited to precious metals available to “back” it. • More metals = more currency = inflation • GREAT for debtors (farmers/ other poor people) • HORRIBLE for creditors (banks/ rich people) Argument made by the populists = the government is favoring big business and the wealthy with gold standard. This isn’t Laissez-faire.

  6. Nationalize Railroads • Government owns/ operates industries essential to everyone’s livelihood. • Profit/ benefit enjoyed by all • Examples: • Passenger trains – Amtrak • Postal Service • Health care – Canada/ England • Oil - Venezuela • Pros: lower prices, equal access • Cons: inefficient, little incentive to improve • How could Populists argue this would be better for everyone?

  7. Progressive Income Tax • America circa 1880s – “flat tax” • Everyone pays same rate (10% of income) • Example= • $10,000 income = $1,000 tax bill • $100,000 income = $10,000 tax bill • Progressive Tax • Tax rate increases as you make more • Example= • $10,000 income = $300 tax bill • $100,000 income = $23,000 tax bill What does a Progressive Tax say about a person’s views on rights associated with wealth?

  8. 8-hour workday • Eastern factory workers subject to VERY bad working conditions • Mostly immigrants in worst conditions (Irish) • Attempts to unionize had been somewhat effective in changing conditions • Wouldn’t effect self-employed farmers • Why have this in the platform?

  9. The Election of 1896 • Populist/ Democrat= • William Jennings Bryan • Republican= • William McKinley

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